Senate Coalition Expands Support for Elizabeth Warren’s Crypto Bill to Curb Illicit Finance

U.S. Senator Elizabeth Warren’s bipartisan Digital Asset Anti-Money Laundering Act has garnered additional support from Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján. The bill aims to address the risks of illicit finance associated with cryptocurrencies by closing loopholes and ensuring compliance with anti-money laundering and counter-financing of terrorism frameworks. Senator Warren emphasizes the need for new laws to combat the use of crypto in facilitating money laundering, supporting terrorist groups, and enabling fraudsters. The proposed legislation has gained both critics and supporters within the crypto community, with some viewing it as a direct attack on user privacy and freedom. The bill has the backing of various organizations, including the Bank Policy Institute, Transparency International U.S., and AARP. (Source: Bitcoin.com)